HubSpot got price target hikes from analysts, following quarterly earnings beat.
On Thursday, the software solutions company posted adjusted earnings of 40 cents per share in the fourth quarter, (vs. 45 cents from the year-ago quarter), which is well above the Zacks analyst consensus of 23 cents.
Revenue surged +35% year-over-year to $252.1 million.
Morgan Stanley boosted its price target on HubSpot shares to $567 from $435. It maintained its overweight rating on the shares.
Mizuho increased its price target to $525 from $360.
Raymond James analyst Brian Peterson upgraded rating on HubSpot shares to strong buy from outperform, and raised his price target to a $725 from $365, citing “impressive," fourth quarter earnings and HubSpot’s higher-than-expected outlook for 2021.
Truist analyst Terry Tillman increased price target to $600 from $455, maintaining a buy rating. His optimism was driven by fourth quarter earnings and first quarter forecast. Tillman mentioned rising revenue, billings and profitability, and also noted the company’s more than 8,300 new customers. He also emphasized that HubSpot generated record net revenue retention, record customer dollar retention and reaccelerating new business.